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Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
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Name : |
FBME BANK LTD |
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Registered Office : |
FBME
House, 85 Block J, |
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Country : |
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Date of Incorporation : |
23.06.2003 |
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Com. Reg. No.: |
46276 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
providers of commercial banking services, funds transfer and clearance and exchange
services |
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No. of Employees : |
280 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Tanzania |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TANZANIA - ECONOMIC OVERVIEW
Tanzania is one of the world's poorest economies in terms of per capita income, however, it has achieved high overall growth rates based on gold production and tourism. Tanzania has largely completed its transition to a liberalized market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining. The economy depends on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. The financial sector in Tanzania has expanded in recent years and foreign-owned banks account for about 48% of the banking industry''s total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world''s largest Millennium Challenge Compact grant, worth $698 million, and in December 2012 the Millennium Challenge Corporation selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-12 was a respectable 6% per year due to high gold prices and increased production.
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Source
: CIA |
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Registered Name: |
FBME BANK LTD |
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Requested Name: |
FBME BANK LTD |
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Other Names: |
None |
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Physical Address: |
FBME
House, 85 Block J, Kinondoni Road, Dar Es Salaam, |
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Postal Address: |
P.
o. Box 8298 |
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Dar
Es Salaam, |
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Country: |
Tanzania |
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Phone: |
255-22-2123565/8000/2123677 |
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Fax: |
255-22-2126000/8008 |
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Email: |
samora@fbme.com/ headoffice@fbme.com |
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Website: |
www.fbme.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
23-June-2003 |
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Reg. Number: |
46276 |
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Nominal Capital |
TZS. 15,000,000,000 |
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Subscribed Capital |
TZS. 15,000,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Ayoub Farid Michel Saab |
Group Chairman |
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Mr. Farid Michel Saab |
Group CEO |
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Mr. Alemu Aberra |
Director |
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Mr. Derek John Pearmund |
Director |
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Mr. Dominic Dreyfus |
Director |
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Mr. Lars Gunnar Ljungdahl |
Director |
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Mr. Michael Rowihab |
Director |
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Mr. Andrew B. Stephens |
GM |
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Federal Bank of Lebanon SAL |
Holding Co. |
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None |
Parent company. |
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None |
Subsidiary company. |
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FBME BANK MOSCOW, FBME BANK CYPRUS, FBME BANK RUSSIA. |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
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Dar Es Salaam, Zanzibar , Mwanza and Arusha in
Tanzania |
Branches of the firm |
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Registered to operate as
providers of commercial banking services, funds transfer and clearance and
exchange services |
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Imports: |
Europe, Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. & tenders |
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Main Customers: |
Public, firms and organizations |
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Employees: |
280 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Leased premises, 5,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Tanzanian Shillings (TZS.) |
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Approx. Ex. Rate: |
1 US Dollar = 1619.50
Tanzanian Shillings |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in ETB.) |
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2012 |
2013 |
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Sales |
30,000,000,000 |
302,820,000,000 |
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Bank Name: |
CITIBANK |
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Branch: |
Tanzania |
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Comments: |
None |
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Experiences: |
Good |
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|
None
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.103.12 |
|
Euro |
1 |
Rs.84.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.